Bloomberg Intelligence senior strategist Mike McGlone believes that the stock and digital markets will collapse if the US defaults.
During the Wolf of All Streets podcast, he stated that he is “bearish” about cryptocurrencies, but is optimistic about gold amid negotiations to increase the limits on the public debt of the United States.
“This is exactly what happened in 2011 — [власти США] heavily collapsed the stock market,” the expert explained.
If such a decision is made, risky assets will initially rise, but then they will face the same collapse as the traditional sector, McGlone added. He noted that bitcoin will be pumped the most.
According to the expert, it is most likely that the market reaction to a possible default on the US debt will lead to an increase in its ceiling.
Earlier, a Bloomberg strategist expressed concern about the Dogecoin and Shiba Inu meme tokens, calling them “naturally speculative assets.” He believes that the community needs to remove such cryptocurrencies from the markets as soon as possible.
Recall that in May, USDC issuing company Circle revised its share of Treasury bills due to the risk of a US default.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
Bloomberg Intelligence senior strategist Mike McGlone believes that the stock and digital markets will collapse if the US defaults.
During the Wolf of All Streets podcast, he stated that he is “bearish” about cryptocurrencies, but is optimistic about gold amid negotiations to increase the limits on the public debt of the United States.
“This is exactly what happened in 2011 — [власти США] heavily collapsed the stock market,” the expert explained.
If such a decision is made, risky assets will initially rise, but then they will face the same collapse as the traditional sector, McGlone added. He noted that bitcoin will be pumped the most.
According to the expert, it is most likely that the market reaction to a possible default on the US debt will lead to an increase in its ceiling.
Earlier, a Bloomberg strategist expressed concern about the Dogecoin and Shiba Inu meme tokens, calling them “naturally speculative assets.” He believes that the community needs to remove such cryptocurrencies from the markets as soon as possible.
Recall that in May, USDC issuing company Circle revised its share of Treasury bills due to the risk of a US default.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
